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In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. This is a conservative way of estimating the company's value.
ES Ceramics Technology Bhd's Net-Net Working Capital for the quarter that ended in May. 2026 was RM0.07.
The industry rank for ES Ceramics Technology Bhd's Net-Net Working Capital or its related term are showing as below:
XKLS:0100's Price-to-Net-Net-Working-Capital is ranked better than 83.16% of 588
companies
in the Chemicals industry
Industry Median: 7.46
vs XKLS:0100: 2.36
ES Ceramics Technology Bhd (XKLS:0100) Net-Net Working Capital Explanation
One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Graham's strategy produced similar results.
Benjamin Graham looked for companies whose market values were less than two-thirds of their net-net value. They are collected under our Net-Net screener.
ES Ceramics Technology Bhd Net-Net Working Capital Related Terms
ES Ceramics Technology Bhd Net-Net Working Capital Historical Data
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
ES Ceramics Technology Bhd Net-Net Working Capital Chart
XKLS:0100 vs LIN, SHW, ECL: Net-Net Working Capital Comparison
For the Specialty Chemicals subindustry, ES Ceramics Technology Bhd's Price-to-Net-Net-Working-Capital, along with its competitors' market caps and Price-to-Net-Net-Working-Capital data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
ES Ceramics Technology Bhd Price-to-Net-Net-Working-Capital vs Chemicals Industry
For the Chemicals industry and Basic Materials sector, ES Ceramics Technology Bhd's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where ES Ceramics Technology Bhd's Price-to-Net-Net-Working-Capital falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full.
In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.
This is a conservative way of estimating the company's value.
What does a Net-Net Working Capital of RM0.07 mean?
ES Ceramics Technology Bhd (XKLS:0100) has a Net-Net Working Capital of RM0.07 as of May. 2026. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on ES Ceramics Technology Bhd According to the industry distribution chart, ES Ceramics Technology Bhd ranks #99 out of 588 companies in the Chemicals industry, placing it in the top 16.8%.
Is ES Ceramics Technology Bhd's Net-Net Working Capital too high?
ES Ceramics Technology Bhd's current Net-Net Working Capital is RM0.07. Based on the distribution chart, ES Ceramics Technology Bhd ranks #99 out of 588 companies in the Chemicals industry, which is in the top quartile — a strong position relative to peers. Overall, ES Ceramics Technology Bhd has a GF Score™ of 61/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does ES Ceramics Technology Bhd's Net-Net Working Capital compare to LIN and SHW?
According to the Chemicals industry distribution chart, ES Ceramics Technology Bhd ranks #99 out of 588 companies for Net-Net Working Capital. This places ES Ceramics Technology Bhd in the top 17% of its industry — outperforming the majority of peers. The industry median Net-Net Working Capital is 7.46. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net-Net Working Capital for a Chemicals company?
The median Net-Net Working Capital among Chemicals companies is 7.46, based on 588 companies in the industry. Companies in the top quartile (top 25%) have a Net-Net Working Capital significantly above this median, while those in the bottom quartile fall well below. However, Net-Net Working Capital should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Net-Net Working Capital mean?
A high Net-Net Working Capital can signal that a stock is expensive relative to its fundamentals. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on ES Ceramics Technology Bhd For the Chemicals industry, the median Net-Net Working Capital is 7.46 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. ES Ceramics Technology Bhd's current Net-Net Working Capital is RM0.07. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is ES Ceramics Technology Bhd stock overvalued right now?
Based on GuruFocus' analysis, ES Ceramics Technology Bhd (XKLS:0100) is currently considered Modestly Undervalued. The stock's GF Value™ is RM0.19, compared to a current price of RM0.17 — trading 13.2% below its estimated fair value. The current Net-Net Working Capital is RM0.07. ES Ceramics Technology Bhd's overall GF Score™ is 61/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Net-Net Working Capital calculated?
Net-Net Working Capital is calculated from a company's financial statements. For ES Ceramics Technology Bhd (XKLS:0100), the current Net-Net Working Capital is RM0.07 as of May. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is ES Ceramics Technology Bhd (XKLS:0100) Overvalued in 2026?
Based on GuruFocus' analysis, ES Ceramics Technology Bhd stock appears to be undervalued.
The current stock price of RM0.17 is trading 13.2% below its estimated GF Value™ of RM0.19.
GuruFocus considers ES Ceramics Technology Bhd to be Modestly Undervalued.
Key valuation signals for XKLS:0100:
Net-Net Working Capital: RM0.07
GF Value™: RM0.19 vs. price of RM0.17 (13.2% below fair value)
No single metric tells the full story. See the XKLS:0100 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
ES Ceramics Technology Bhd is an investment holding company. Through its holding, the company manufactures and distributes ceramic hand formers. Its product offerings include examination formers, surgical formers, household formers, and breathing bags and balloons. The formers are for continuous industrial use under heavy-duty conditions, to withstand the complex processes involving heat and chemicals to produce gloves. Geographically, it derives a majority of its revenue from Malaysia. Its segments include Investing, Glove equipment, and Construction, of which the Construction segment derives the maximum revenue. The Construction segment is engaged in the manufacturing and supply of chemical products and construction materials, including readymix concrete.
61GF Score
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